The European Commissioner called the timing of the introduction of a complete embargo on Russian oil

The EU expects to abandon Russian oil within nine months, the introduction of a ban in a shorter period of time will negatively affect world prices, Gentiloni said. According to BLOOMBERG,

The European Union intends to introduce a complete ban on oil from RUSSIA after nine months, European Commissioner for Economic Affairs Paolo Gentiloni told the newspaper Il Messagero.

“Our proposal is to achieve an embargo depending on different types of petroleum products within nine months. Doing this in a shorter timeframe could have implications for world oil prices, which is contrary to our goals,” he said.

Brussels, imposing sanctions against Moscow, must take into account the economic costs, Gentiloni said: "[It is necessary] to measure how much our decisions will cost Russia and how much we ourselves will."

The European Commissioner acknowledged that the imposition of an embargo on Russian oil would affect the EU economy, however, according to him, "the impact on the Russian economy will be much stronger."

Von der Leyen announced EU plans to impose an embargo on all Russian oil Politics

Restrictions against Russian oil are provided for in the sixth package of EU sanctions, which is now being discussed in Brussels. According to the HEAD of the European Commission, Ursula von der Leyen, the European Union intends to abandon the supply of Russian crude oil within six months, and the import of refined products by the end of 2022. Bloomberg and REUTERS wrote that the European Union proposed to ban European courts and companies from providing services related to the transportation of Russian oil, including in the field of insurance.

On May 4, Reuters reported that the ambassadors of the EU member states had not reached an agreement on the embargo, according to the source of the agency, concerns about oil restrictions were expressed by Bulgaria, Hungary, Slovakia and the Czech Republic. Bloomberg reported that the embargo was objected to by a representative of Hungary, while Greece, Malta and Cyprus raised the issue of banning oil transportation between third countries, saying that this step would simply help competitors from Europe.

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Orban announced that the EU has crossed the red line due to the oil embargo Politics

According to Bloomberg, on May 6, the EU proposed giving the Czech Republic until June 2024 to phase out Russian oil, and Hungary and Slovakia until December 31, 2024.

Hungary's unwillingness to support EU sanctions against Russian oil was stated by Foreign Minister Peter Szijjártó. “Hungary will not vote for the new package of EU sanctions in its current form,” the minister said, adding that the country would like the ban to not apply to crude oil imports via pipelines. Hungarian Prime Minister Viktor Orban compared the ban on Russian oil supplies to "an atomic bomb that they want to drop on the economy" of the country.

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